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Iraq oil development rights contracts awarded


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Iraq has the world's third largest oil reserves

A joint venture between the UK's Shell and Malaysia's Petronas oil companies has won the right to develop Iraq's giant Majnoon oil field. A total of 44 companies took part in a bid for 10 fields in the second such auction since the invasion in 2003.
Shell and Petronas beat a rival bid from France's Total and China's CNPC.
Although Majnoon is a huge oil field, with reserves of 13 billion barrels of oil, it currently produces just 46,000 barrels per day.

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ANALYSIS
By Andrew Walker, Economics correspondent, BBC World Service
http://news.bbc.co.uk/2/hi/business/8407274.stm
 
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StatOil got one of the bids. I invested in the Nordic ETF several weeks ago, STO component being one of the reasons. Hope the ETF'll start doing better now, it's pretty thinly traded. Buster, could this be my other route to riches?
 
12/14/2009 - Updated 7:36 AM ET
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Oil futures fall again as concerns over demand weigh
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By Polya Lesova, MarketWatch

FRANKFURT (MarketWatch) -- Oil prices fell below $70 a barrel on Monday, extending their recent losing streak, as concerns over persistently weak demand prompted investors to sell crude futures.
Crude oil for January delivery dropped 61 cents, or 0.8%, to $69.26 a barrel in electronic trading on Globex.
The contract earlier fell to an intraday low of $68.59 a barrel. [more]
http://markets.usatoday.com/custom/...S&guid={47371F4A-BFE7-418B-9ADD-C9CFF22CD70F}
 
Guess who's NOT broke?

Exxon to buy XTO in $41 billion deal

Biggest U.S. oil company seeks to expand its role in the natural gas industry.

Last Updated: December 14, 2009: 9:13 AM ET

NEW YORK (CNNMoney.com) -- Exxon Mobil said Monday it will buy natural gas producer XTO Energy Inc. for $41 billion in an stock and debt transaction.
The world's largest publicly traded oil company agreed to issue 0.7098 common stock share for each common share of XTO (XTO, Fortune 500), representing a 25% premium to XTO stockholders. The purchase value includes $10 billion of XTO debt and is based on the closing share prices of Exxon (XOM, Fortune 500) and XTO on Dec. 11.
http://money.cnn.com/2009/12/14/news/companies/Exxon_Mobil_XTO/index.htm
 
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12/15/2009 - Updated 9:30 AM ET
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Oil tips higher as OPEC forecasts demand rebound
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By Laura Mandaro, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude oil futures rose early Tuesday after the Organization of Petroleum Exporting Countries lifted its estimate of how much crude its members will need to produce in 2010 to meet world consumption.
Crude oil for January delivery was last up 32 cents, or 0.4%, at $69.80 a barrel in electronic trade. On Monday, the contract fell for a ninth straight session amid concerns over weak demand.
://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BF51D56CA%2D852D%2D4E3A%2D9AFB%2D092F2D746072%7D
 
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12/15/2009 - Updated 4:11 PM ET
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Crude reclaims $70 as supply-demand outlook improvesOPEC lifts demand outlook, while traders forecast weekly drop in oil supplies
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By Laura Mandaro, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures closed above $70 a barrel Tuesday for the first gain in 10 sessions as traders anticipated upcoming reports would show a drop in crude-oil supplies and after the Organization of Petroleum Exporting Countries lifted its global demand forecast.
Crude for January delivery gained $1.18, or 1.7%, to close at $70.69 in floor trading on the New York Mercantile Exchange, coming off an intraday high of $71.15.
http://markets.usatoday.com/custom/...S&guid={F51D56CA-852D-4E3A-9AFB-092F2D746072}
 
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WTF?..Oil goes up a buck or so in one day and gas jumps .09 to $2.29 overnight...greedy bastards..:mad:
 
CountryBoy said:
My gas has been stuck at $2.59 for over 3 weeks, go figure.
Click to expand...
There are a couple of stations here that maintain a steady price regardless of the price of oil day to day...It seems they are trying to mitigate the shock and awe of price changes everyday. thereby making better profits when the oil is down while their price remains high and when oil goes up and the other stations start raising their prices, this one is holding, making less profit at the time but living off the greater profit when oil was down...so the buyer sees a steady price and isn't shocked day by day for the changes...Or it could be they don't hire a sign changer to change the prices each day….Other than that, it could be I just have diarrhea of the fingers right now and like seeing myself type useless drivel..:D
 
12/16/2009 - Updated 7:56 AM ET
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Oil futures rise above $71/brl ahead of Fed, supply data
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By Polya Lesova, MarketWatch

FRANKFURT (MarketWatch) -- Oil futures rose above $71 a barrel on Wednesday, as traders awaited a statement from the Federal Reserve and data that's expected to show a decline in U.S. crude inventories.
Crude oil for January delivery gained 59 cents, or 0.8%, to $71.28 a barrel in electronic trading on Globex. [more]
http://markets.usatoday.com/custom/...S&guid={2B5F4C37-8D42-492B-AE8A-9CAD84457531}
 
Market Update
Less than expected:o

10:35 am : January crude oil began trending upwards early in its overnight session and has remained in positive territory since. Ahead of this morning's inventory data, which calls for a consensus calls of a draw of 2000K, crude is 1.4% higher at $71.67 per barrel. Following the data, which was a draw of 3689K, crude pushes to fresh highs of $72.37 per barrel. Currently, crude is 2.2% higher at $72.27 per barrel.
http://finance.yahoo.com/marketupdate/overview?u
 
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